Starting my public domain volunteering work since I was 16 years old, being a board or founding member in almost 90% of Egypt’s NGOs and CSR associations shaped my character a lot and paved the way to my career.
Touching & having an impact on people’s lives was always my passion thus Pharmaceuticals was my perfect match. I have been in charge of different commercial positions across 58 countries in Africa & Middle East, and I fully support the idea of entrepreneurship in Pharmaceuticals! I fully disagree that the pharma sector is saturated, it’s one of the sectors that have huge untapped potential.
Actually The developments in the Pharma and Wellness sector have borne significant results on All middle eastern societies. There were times when the life expectancy rate was dismal as per Statistics of Ministries of Health across the region. However, the gradual developments in the medical sector have facilitated in escalating the life expectancy rate dramatically.
How Developments In Pharma Sector Impacted Lives?
After the invention of crucial drugs, many ailments can be treated with the passing time. Diseases such as CANCER, AIDS and Syphilis were untreatable earlier. Nonetheless, in the twenty-first century, medicinal drugs and medical treatments are easily available to cure these life-threatening diseases.
According to the released statistics by arab Union of Ministers of Health , the life expectancy rate has gone up by five years. Moreover, Infant mortality Rate has gone down.
For sure Various factors contribute to the surging rates of life expectancy ratio yet The pharmaceutical industry is although a crucial proponent amongst all.
At present, the Egyptian pharmaceutical industry is the largest producer of generic drugs across the ME & Africa. The industry supplies more than 50 per cent of Egypt’s demand and also covers a big chunk in Africa.
It is anticipated that the CAGR of the global pharmaceutical industry might reach $ 126 billion in 2020- 2025.
In order to increment the pharmaceutical sector rapidly, the government has permitted significant increase in their national budgets & allowed more facilities on Foreign Direct Investment (FDI) this leading you major developments in the sector which are witnessed as follows:
- New Private Equity investment deals are witnessed in the pharma industry
- Surge in the investment of research and development domain in the pharma sector from earlier 5.3 per cent to 8.5 per cent
- In the past few years 46 -75 Merger and Acquisition (M & A) deals occurred worth billions in the sector.
- Branded drugs have become off-patent in Lots of countries which has resulted in a boost in the exports of the generic pharma industry.
Why Entrepreneurs Should Enter In The Pharma Industry?
The pharma industry is adapting novel technologies and medicinal practices steadily. Since the pharma industry is a nascent sector, there are fewer players in the market today. By doing amendments in FDI rules (for the pharmaceutical industry), facilitating R&D by buying novel small companies with strong pipelines , increasing all governmental national health budgets and directing it to R&D, it is clear that most governments now desires entrepreneurial forays to occur in the sector and help to expand the sector.
The entrepreneurs should make use of this opportunity and begin intriguing in the pharmaceutical sector. The sector includes a huge scope which makes it a worthwhile opportunity for private owners to enter.
Need For Drug Manufacturing Companies
Business owners can witness different opportunities in the pharma sector, from drug manufacturing to designing products. Since there is a huge band of opportunities available in the sector, entrepreneurs can initiate any business with minimal value.
Currently, there is a massive dearth of drug manufacturing companies. To fulfil the gap, many non manufacturing countries plans to set up institutes, chemical hubs and research centres. After knowing this information, the interested businessmen can study the present drug manufacturing businesses and then, start their own ventures.
At first glance, it’s easy to assume that there isn’t much of a place for new entrepreneurs in the drug development industry. Big pharmaceutical companies are already heavily entrenched in space, and the characteristically long development cycle in R&D seems contrary to the “fail fast, fail often” philosophy of startup culture.
But to see drug development this way would be to ignore what a complex and evolving field it really is. Nearly every step of the process offers opportunities for entrepreneurs to help researchers and to gain strong profits in return. The key is knowing where to look.
Drug development is similar to solving a puzzle, which means the general task is known, but it’s up to researchers to figure out the best way to reach the goal. Entrepreneurs in the drug-development industry can provide a complete business ecosystem. In other words, from research down to the clinical stages, they’re crucial assets.
By nature, entrepreneurs aren’t afraid to take risks to achieve amazing goals, making them a perfect fit for drug development. But how much they help shape a better business atmosphere in drug development is dependent on how well they fill their roles when new innovations or technologies emerge.
My favorite recipe for success for all entrepreneurs: empowering people!
It takes a good team to succeed in what others have up on! A good team with a bad leader might do it , a great leader with a bad team would never do it and having both is basically having the dream team recipe!
passion for what you are doing Is key and flexibility to accept criticism and the ability to work and integrate with other expertise.